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WAGNER ACT: An alternative title of the National Labor Relations Act passed in 1935, this modified and replaced the National Industrial Recovery Act that was declared unconstitutional earlier in the year. The Wagner Act was a major labor union promoting act under New Deal program of the Roosevelt administration The Wagner Act, also going by the acronym NLRA, outlawed unfair labor practices by employers, such as the refusal by a firm to negotiate with a union representing a majority of its employees. It also established the National Labor Relations Board, which oversees labor activities.

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STAGES OF PRODUCTION: The three stages of production characterized by the slope and shape of the total product curve. The first stage is characterized by an increasingly positive slope. The second stage by a decreasingly positive slope. And the third stage by a negative slope. Because the slope of the total product curve IS marginal product, these three stages are also seen with marginal product. In Stage I, marginal product is positive and increasing. In Stage II, marginal product is positive, but decreasing. And in Stage III, marginal product is negative.

     See also | short-run production | total product | marginal product | average product | law of diminishing marginal returns | increasing marginal returns | decreasing marginal returns |


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INDUCED IMPORTS

Imports from the foreign sector that depend on domestic income or production (especially national income and gross domestic product). That is, changes in income induce changes in imports. Induced imports are measured by the marginal propensity to import (MPM) and are reflected by a positive slope of imports line. Induced imports are the reason for induced net exports, generating a negatively sloped net exports line. Autonomous net exports are due to a combination of autonomous exports and autonomous imports.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either several orange mixing bowls or clothing for your pet dog. Be on the lookout for strangers with large satchels of used undergarments.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
"Concentration is the secret of strength in politics, in war, in trade, in short in all management of human affairs. "

-- Ralph Waldo Emerson, philosopher, poet

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Weak Axiom of Cost Minimization
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